BEL-LAND: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
BEL-LAND
NACE 46.190, Agents in non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €1.4m-€347,632
Equity
€6.2m
2024 · €5.1m+€1.1m
Cash
€688,832
2024 · €2.7m-€2.0m
Balance sheet total
€22.2m
2024 · €21.8m+€470,992
Largest movements
Assets
- Cash -€2.0m
down €2.0m (-74.2%), from €2.7m to €688,832
mainly Advances received (-€3.9m) and Receivables within one year (-€1.7m)
- Receivables within one year +€1.7m
up €1.7m (+302%), from €571,338 to €2.3m
of which Trade receivables: +€1.4m
- Stocks and contracts +€410,000
up €410,000 (+10.0%), from €4.1m to €4.5m
- Tangible fixed assets +€366,286
up €366,286 (+2.9%), from €12.8m to €13.1m
of which Land and buildings: +€378,607
Equity and liabilities
- Advances received -€3.9m
no longer reported in 2025 (was €3.9m)
- Trade debts +€2.8m
up €2.8m (+79.1%), from €3.5m to €6.3m
- Profit (loss) carried forward +€1.1m
up €1.1m (+22.7%), from €4.8m to €5.9m
- Debts after one year +€305,621
up €305,621 (+3.7%), from €8.2m to €8.5m
of which Financial debts: +€304,876
- Current portion of long-term debt +€294,826
up €294,826 (+46.2%), from €638,710 to €933,536
Income statement
- Turnover +€9.7m
up €9.7m (+28.1%), from €34.5m to €44.3m
- Goods and materials +€9.4m
up €9.4m (+31.7%), from €29.8m to €39.2m
of which Purchases: +€8.5m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€1.4m
Turnover
+€9.7m
Other operating income
-€58,613
Goods and materials
-€9.4m
Services and other goods
-€296,014
Staff costs
-€58,135
Depreciation
-€415,417
Other operating charges
-€59,751
Financial income
+€114,521
Financial charges
+€16,554
Taxes
+€136,654
Result 2025
€1.1m
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€1.2m
Investment
-€1.4m
Financing
+€600,447
Cash 2024
€2.7m
From operations (derived)
-€1.2m
Net result for the year
+€1.1m
Depreciation
+€1.1m
Stocks and contracts
-€410,000
Receivables within one year
-€1.7m
Smaller working-capital items
-€2,856
Trade debts
+€2.8m
Tax, wage and social debts
-€138,084
Advances received
-€3.9m
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
+€600,447
Debts after one year
+€305,621
Current portion of long-term debt
+€294,826
Cash 2025
€688,832
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,763,764 | €22,234,756 | +€470,992 | +2.2% |
| Formation expenses | 20 | €570,922 | €513,830 | -€57,092 | -10.0% |
| Fixed assets | 21/28 | €13,503,860 | €13,877,067 | +€373,207 | +2.8% |
| Tangible fixed assets | 22/27 | €12,763,102 | €13,129,388 | +€366,286 | +2.9% |
| Land and buildings | 22 | €12,631,806 | €13,010,414 | +€378,607 | +3.0% |
| Plant, machinery and equipment | 23 | €39,867 | €29,654 | -€10,213 | -25.6% |
| Furniture and vehicles | 24 | €30,383 | €45,875 | +€15,492 | +51.0% |
| Leasing and similar rights | 25 | €61,045 | €43,445 | -€17,600 | -28.8% |
| Financial fixed assets | 28 | €740,759 | €747,679 | +€6,920 | +0.9% |
| Affiliated companies | 280/1 | €725,000 | €725,000 | = | 0.0% |
| Participating interests | 280 | €725,000 | €725,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €0 | €0 | = | |
| Other financial fixed assets | 284/8 | €15,759 | €22,679 | +€6,920 | +43.9% |
| Amounts receivable and cash guarantees | 285/8 | €15,759 | €22,679 | +€6,920 | +43.9% |
| Current assets | 29/58 | €7,688,982 | €7,843,859 | +€154,877 | +2.0% |
| Amounts receivable after more than one year | 29 | €0 | €0 | = | |
| Stocks and contracts in progress | 3 | €4,095,000 | €4,505,000 | +€410,000 | +10.0% |
| Stocks | 30/36 | €4,095,000 | €4,505,000 | +€410,000 | +10.0% |
| Goods purchased for resale | 34 | €4,095,000 | €4,505,000 | +€410,000 | +10.0% |
| Amounts receivable within one year | 40/41 | €571,338 | €2,294,641 | +€1.7m | +302% |
| Trade receivables | 40 | - | €1,354,922 | +€1.4m | |
| Other amounts receivable | 41 | €571,338 | €939,719 | +€368,382 | +64.5% |
| Current investments | 50/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €2,670,242 | €688,832 | -€2.0m | -74.2% |
| Deferred charges and accrued income | 490/1 | €352,402 | €355,385 | +€2,984 | +0.8% |
| Total equity and liabilities | 10/49 | €21,763,764 | €22,234,756 | +€470,992 | +2.2% |
| Equity | 10/15 | €5,068,359 | €6,163,285 | +€1.1m | +21.6% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €234,360 | €234,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €232,500 | €232,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,820,999 | €5,915,925 | +€1.1m | +22.7% |
| Amounts payable | 17/49 | €16,695,405 | €16,071,470 | -€623,935 | -3.7% |
| Amounts payable after more than one year | 17 | €8,150,873 | €8,456,494 | +€305,621 | +3.7% |
| Financial debts | 170/4 | €8,114,938 | €8,419,814 | +€304,876 | +3.8% |
| Unsubordinated bonds | 171 | €2,000,000 | €3,000,000 | +€1.0m | +50.0% |
| Leasing and similar obligations | 172 | €11,427 | - | -€11,427 | |
| Credit institutions | 173 | €6,103,511 | €5,419,814 | -€683,698 | -11.2% |
| Other amounts payable | 178/9 | €35,935 | €36,680 | +€745 | +2.1% |
| Amounts payable within one year | 42/48 | €8,544,532 | €7,614,976 | -€929,556 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €638,710 | €933,536 | +€294,826 | +46.2% |
| Trade debts | 44 | €3,519,224 | €6,302,084 | +€2.8m | +79.1% |
| Suppliers | 440/4 | €3,519,224 | €6,302,084 | +€2.8m | +79.1% |
| Advances received on contracts in progress | 46 | €3,869,286 | - | -€3.9m | |
| Taxes, remuneration and social security | 45 | €517,313 | €379,228 | -€138,084 | -26.7% |
| Taxes | 450/3 | €503,964 | €361,354 | -€142,610 | -28.3% |
| Remuneration and social security | 454/9 | €13,348 | €17,874 | +€4,526 | +33.9% |
| Other amounts payable | 47/48 | - | €128 | +€128 | |
| Operating income | 70/76A | €34,649,349 | €44,304,226 | +€9.7m | +27.9% |
| Turnover | 70 | €34,542,730 | €44,256,220 | +€9.7m | +28.1% |
| Other operating income | 74 | €106,619 | €48,006 | -€58,613 | -55.0% |
| Operating charges | 60/66A | €32,272,966 | €42,543,204 | +€10.3m | +31.8% |
| Goods for resale, raw materials and consumables | 60 | €29,798,222 | €39,239,145 | +€9.4m | +31.7% |
| Purchases | 600/8 | €31,174,506 | €39,649,145 | +€8.5m | +27.2% |
| Change in stocks: decrease (increase) | 609 | -€1,376,284 | -€410,000 | +€966,284 | +70.2% |
| Services and other goods | 61 | €1,710,511 | €2,006,524 | +€296,014 | +17.3% |
| Remuneration, social security and pensions | 62 | €57,469 | €115,604 | +€58,135 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €642,207 | €1,057,625 | +€415,417 | +64.7% |
| Other operating charges | 640/8 | €64,556 | €124,307 | +€59,751 | +92.6% |
| Operating profit (loss) | 9901 | €2,376,383 | €1,761,022 | -€615,362 | -25.9% |
| Financial income | 75/76B | €142,491 | €257,012 | +€114,521 | +80.4% |
| Recurring financial income | 75 | €142,491 | €257,012 | +€114,521 | +80.4% |
| Income from current assets | 751 | €24,585 | €23,350 | -€1,235 | -5.0% |
| Other financial income | 752/9 | €117,907 | €233,662 | +€115,756 | +98.2% |
| Financial charges | 65/66B | €545,690 | €529,135 | -€16,554 | -3.0% |
| Recurring financial charges | 65 | €545,690 | €529,135 | -€16,554 | -3.0% |
| Debt charges | 650 | €490,005 | €436,630 | -€53,375 | -10.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €19,109 | +€19,109 | |
| Other financial charges | 652/9 | €55,685 | €73,397 | +€17,712 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €1,973,185 | €1,488,898 | -€484,286 | -24.5% |
| Income taxes | 67/77 | €530,626 | €393,972 | -€136,654 | -25.8% |
| Taxes | 670/3 | €530,626 | €393,972 | -€136,654 | -25.8% |
| Profit (loss) for the period | 9904 | €1,442,559 | €1,094,927 | -€347,632 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,442,559 | €1,094,927 | -€347,632 | -24.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.